Making a plan to pay for long-term care: Insurance and alternatives [Video]

Almost three-quarters — 70% — of people turning 65 will need long-term care in their lifetime, according to a report by the Urban Institute and the Department of Health and Human Services. How to pay for that care is worrisome for many families. 

Stacey Hachenberg, 58, and her partner, Sharon Fleming, 53, have been caring for their parents for several years. Hachenberg’s father died in April after staying at an assisted living facility for two years. While she coordinated his care, the cost was covered by his savings, pension and veterans benefits. 

“It took about a year to actually get those benefits,” Hachenberg said, even with the facility’s help navigating the Veterans Affairs application process.

“Had we not had a tiny little bit of money in my father’s savings, we would have been in trouble,” she said.